The Board of Directors of the Development Bank of American Samoa was scheduled to hold a special meeting yesterday but Chairman Senator Nuanuaolefeagaiga Saoluaga Nua says they could not get a quorum.
According to the chairman, some board members could not attend as they had other pressing and unexpected matters which needed their attention.
He said they hope to hold a meeting today.
In the meantime employees describe the working atmosphere at DBAS as one of suspicion, unfriendly and they suspect management is focused on finding out who is leaking information or talking to the press.
One employee said, “Im beginning to suspect they are monitoring my calls.”
The employees said that the bank president is under pressure because of the information that’s coming out about the interest freeze program and other happenings at DBAS.
On Monday, the Board Chairman explained that the freezing of interest on loans was in place when the current board was appointed.
The freeze was to help bring back on track, loans which were 90-120 days behind.
Nua stated that in 2014 the current board approved a resolution to reverse the interest freeze program and have all loans under this program repay all the frozen interest from 2010 up to the time that the resolution was approved.
He said if there were any loans frozen after that resolution was approved that was the fault of the bank management.
A statement from DBAS President Ruth Matagi last week said that the interest freeze policy was a special program in effect from January 2010 until December 2010.
The policy and program expired in December 2010 and is no longer in effect.
Borrowers who were on the program as of December 2010 are still subject to the terms and conditions of the program.
